Indian Prime Minister, Narendra Modi, on Saturday, launched India Post Payments Bank (IPPB), the country's largest payments bank by network size, officials said.
The bank was launched at Talkatora Stadium, in New Delhi, and the function was witnessed, at over 3,000 locations across India.
Modi, while addressing the function, said, IPPB's services will be made operational at 650 branches, and more than 150,000 post offices, which will be called "access points" within the next few months.
"Through the IPPB, banking services will conveniently reach the remotest places in the country, and the people living there," a government spokesman said.
The bank will offer a range of products, such as, savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.
Source: NAM NEWS NETWORK